Millionairs are not always rich.

Oh goody , goody , I am sitting pretty then !!!!!!!!

Nonu

You probably are.
What I am saying is if a person is 60 and has pensions amounting to £30,000 a year which is likely to go on for 20 years then it could be argued the pension is worth £600,000.
He could have a house worth say £350,000 plus £100,000 worth of savings so it could be said he is a millionaire.
He is not however in a position to live the high life every night.

Frank

Been lucky at the bingo, then Nonu?

Depends on how the pension funds and the savings are invested, doesn't it?

Go Frank, give it a try.

Gracemum ,, !!!!!!!!!!!!!!!!! X

Frank , I know for absolute sure I am , well me and MR.

I thought the definition of a millionaire was someone with an INCOME of £1million a year, not just owning assets of £1million.

No! It isn't.

But it's not that much these days. Now, multi-millionaire.....!

That would ridiculous, FlicketyB...

OH well then I'm alright jack !! Frank do you honestly think we do not already know this information,do you ever stop thinking about pensions and how much people are worth you will give yourself a headache if you carry on that way live and let live does no one any harm at all.

dictionary.reference.com/browse/millionaire?s=t

I have looked at the definition and it looks as if it is somebody who possesses £1,000,000.

There are people I know of in London with very modest houses worth about £800,000 because of the area they are in.
Do you class these people as rich?.

Frank

No, not really. The term millionaire was coined to describe people who were fabulously wealthy like Bill Gates or Phillip Green are now. People who, even 100 years ago, did have incomes that ran to a million or thereabouts.

Nowadays there are many people who by chance or calculated house purchases have assets worth over a million. Taking into account the capitalised values of occupational pensions is ridiculous. An occupational pension is no more than complicated, but advantageous, annuity. Once you start to draw it, the capital has been spent to buy the annuity and is no more yours than the money you pay annually to the company who service and provide call out repairs foryour CH boiler. They provide service for a year but will not repay your money if you do not need their services.

The modern equivalent of the original millionaires are the billionaires like those named above probably have incomes measured in millions.

Yes, on second thoughts, Flickety, the meaning of the term does seem to be changing.

FlicketyB

Last year the trustees stated that the nominal valuation of my pension which is final salary and index linked was about 14 years pension.
I don't know where they get this figure from as I was 63 at the time and I hope to live beyond age 77.
I did phone them and they assured me that I will be paid my pension even if I live to 140 but the person did not really know what nominal valuation meant.

Frank

Nominal value means just that. It is a value put on something that has no real existence in fact. I am sure there is someone who could put a nominal value on the positive affects on my physical and mental health of being fortunate enough to live somewhere quiet with a leafy view front and back but that value is nothing that can be turned into real cash.

HunterF

Don't take this the wrong way it's just an observation as a new member but I think you need to get out more, you seem to spend all your time pondering on other peoples and your own money issues etc.

There is a big world out there and people to enjoy it with, smell the flowers and enjoy life, it could be a short one.

What about the people that are asset rich but money poor? How do they fit them into your equation Frank?

FlicketyB

If I did not have to take family circumstances in to account I would like to live somewhere like Christchurch which is a bus ride from the sea but I would not like to be directly by the sea.
When I left London several people said nobody would want to retire to Birmingham.
That is where my daughters and granddaughters are so that is where I intend to stay.
My house and immediate surroundings are very nice.
I would say that the route in to Birmingham is a lot better than what it was a few years ago and places like Lichfield are very nice.
Some people have said if they were starting fresh in Birmingham they would probably choose Solihull or some parts of Edgbaston but if they inherited a house in Sutton Coldfield they would live in it.
I don't know if it is true but somebody told me Senior Engineers mainly live in Sutton Coldfield and Finance people in Solihull.
My father's qualifications were mainly in Electrical Engineering so I suppose he was in the correct area but his last 10 years of his working life was at Birmingham University and most of the people he worked with were engineers of a type and they mainly lived in Harborne, Edgbaston and Solihull.
I can remember visiting the house in Edgbaston of one of the people he worked with and he said he was the only one in a close of 14 houses who did not work at the Queen Elizabeth Hospital.

Frank

Does Frank live in an alternate universe?

Really Frank? How I pity all of those "poor" millionaires, it must be soooooo hard for them.